Moody’s announced on Dec. 7 that it has revised the outlook from negative to stable for 119 local governments across the nation, including Guilford County, the city of Greensboro and the city of Winston-Salem. All three Triad governments hold AAA ratingx. While noting that further rating actions are unlikely, the rating agency warned, “Based upon actions taken by the US government to address its structural budget deficit, issuers in the US municipal market at all rating levels may become more fiscally strained. The shift towards decreased federal government spending is now a larger factor in municipal credit risk than before given its potential impact on dependent municipal issuers and its repercussion on the broader economy and financial system.” — JG